Inflation got even hotter in March according to the latest Consumer Price Index numbers. The seasonally adjusted month-over-month jump was 0.4%, as happened in February as well.
Non-seasonally adjusted year-over-year growth for all items was 3.5%. Energy and shelter together were responsible for more than half of the increase, with energy up 1.1% from February to March.
So-called core inflation, which leaves out energy and food because of their volatility, was up 0.4% month over month — as was true in January and February — and 3.8% year over year. Shelter was up 0.4%, both for rent and owners' equivalent rent, and at more than 60% of the core increase was the largest factor in the growth. On an annual basis, shelter was up 5.7%. If residential rents start to increase, that could continue upward inflation pressure.
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